The money side of your business needs a tune-up

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By Margot Lester | for The Level

When you're slammed with jobs and chasing payments, bookkeeping feels like something you’ll get to later. But that’s exactly how problems build: taxes sneak up, bids get sloppy and suddenly you’re reacting instead of steering. And that could cost you.

We sat down with Keila Hill-Trawick of Little Fish Accounting, who works with small business owners wanting more than just clean books. She breaks down how to use your financials as a decision-making tool, not just data for the blanks on your tax return. From tightening your payment process to getting help before things get messy, she shares how to stay in control while everyone else plays catch-up.

What financial tasks should contractors prioritize this month? 

Check in now, before the year gets away from you. Review your income and expenses, make sure receipts are saved and compare your estimated tax payments to actual earnings. This simple review can help you course-correct early—whether that’s catching up on taxes or setting aside cash for a strong year-end finish.

Taxes? In August?

Taxes are a year-round process. Your return just reports what already happened. Most tax savings don’t come from loopholes, they come from preparation, accurate books and strategic decisions made in advance.

What’s a common mistake business owners make? 

Treating bookkeeping like a task instead of a tool and waiting until tax time to figure out finances, which leads to missed deductions and poor decision-making. You can avoid that by keeping business and personal finances separate, using a cloud accounting system and reviewing your books monthly. When your numbers are accurate, you can bid smarter, manage cash flow and grow intentionally.

What do you wish contractors understood better about accounting?

That the goal isn’t just to file your taxes. It’s to understand your business. Bookkeeping isn’t about checking a compliance box—it’s your GPS. When you know where your money’s going, you can stop guessing and start planning: hiring help, buying materials at the right time and building a buffer for slow seasons.

Speaking of slow, how can we get lagging clients to cut that check?

Set payment terms up front. Use contracts, collect deposits and invoice in stages. Include late fees if needed—and use digital tools with automatic reminders and payment options. It’s not about being pushy, it’s about protecting your cash flow.

What else should contractors know?

You don’t have to do everything yourself. Get help early, not just when you’re overwhelmed. Working with a CPA regularly helps save on taxes and plan for what’s ahead—like timing purchases, adjusting payments or exploring S-Corp status—so you can focus on building your business, not just keeping up with it.

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The Level is curated and written by Margot Lester and edited by Bianca Prieto.